Health Care FSA with Carryover
- What if you had more money in your pocket to help pay for health care expenses?
- Now you can, with a Flexible Spending Account, sponsored by your employer and administered by PayFlex.
- The health care Flexible Spending Account -or FSA- allows you to contribute pretax dollars to pay for eligible health care expenses.
- Such out-of-pocket expenses include medical, dental, prescription, hearing and vision expenses.
- You can also use your funds to pay for deductibles, copays and co-insurance.
- Here's how it works.
- When enrolling in your benefits for the new plan year, estimate the amount you'll need to pay for eligible health care expenses.
- Based on your estimate, make an annual pre-tax contribution election to your health care FSA.
- Then, throughout the year, use your FSA to pay for eligible health care expenses for
- you, your spouse and any eligible dependents.
- And, now it’s OK if you have some funds left at the end of the year.
- The traditional “use it or lose it” requirement has recently changed and your employer has chosen to let you carryover a certain amount each year as long as you
- continue to be an active employee as of the last day of the plan year.
- The carryover amount is decided by your employer but cannot exceed the IRS limit of $500. Refer to your plan for the specific amount.
- So, it’s no longer “use or lose it!”
- But remember, there’s a limit. And any funds over that limit could be forfeited or become subject to a run-out period.
- For added convenience, your employer can chose to offer a PayFlex debit card which allows you to access your FSA funds and immediately pay
- for eligible health care expenses at qualified merchants where MasterCard® is accepted.
- And you can access your account virtually anytime, anywhere through our dynamic website
- or with our innovative Pay Flex Mobile™ App that brings the website and all of its functionality to your fingertips.
- Take advantage of your company's health care FSA and start saving.
- This has been a brief summary of a Health Care FSA.